The FMHR traders weigh in on how to trade the surge in Apple's shares. And, CNBC's David Faber talks with Mike Fries, Liberty Global CEO about his company's agreement to buy Virgin Media in a $16 billion deal.

John Malone's Liberty Global has opened talks with Britain's Virgin Media over a takeover that would increase the U.S. cable group's dominance in Europe and step up a challenge to media mogul Rupert Murdoch.

John Malone's Liberty Global is preparing to make a bid for Virgin Media, the UK cable operator with an enterprise value of more than $20 billion, in a deal that would mark the U.S. billionaire's biggest move yet into the UK and could set up a fresh clash with his former partner and rival Rupert Murdoch. The Financial Times reports.